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in general motors, in the next 15 months. as part of the deal, g-m will buy back $5.5 billion in shares, and that will happen by the end of this year. g.m. stock revved higher on the news, climbing 7% to $27 a share. and, as suzanne pratt reports, some investors like the sound of an independent g.m. >> reporter: ilooks like general motors may soon be hitting the road all by itself. four years after spending nearly $50 billion to rescue the struggling automaker, the u.s. treasury wants out. and, gm needed to shake off the stigma of being known as government motors. >> general motors to wanted do this. they wanted to get the government off its back so to speak and to prove to the people they can pay back the loan, part of the loan. >> reporter: other auto experts says everyone involved wanted to end this year on a positive news note. >> it helps the folks at gm and the government end the year on a high note and send us into 2013 with a positive wind at our sails. >> reporter: what's not very positive is that taxpayers stand to lose billions of dollars on the g.m. bailout. in fact, if trea
starts with gm. government motors no more. the treasury to exit its stake in the next 12 to 18 months, purchasing 2 million shares by the end of this month. >> another challenging quarter for fedex with the blame squarely on sandy. but the stock is up pre-market. >> oracle posts a strong quarter with even stronger guidance. the season rebound in europe. no impact from the fiscal cliff. >> and ge gets boosted from ubs's key call list on the weaker than expected macro environment. still on the list is including -- well tell you in a couple of minutes. >> general motors is up sharply in the pre-market session. the treasury department says it intends to sell the rest of its stakes in gm in the next 12 to 15 months. the automaker will buy back 200 million shares from treasury for $27.50 a share. treasury says it plans to sell its other remaining shares through various means in an orderly fashion. timothy masssad will join us later. this could be a buy signal with the government signaling it is in fact out. >> i think people are looking at what happened with aig, and saying, once you get ri
to be offering mayan margaritas at a discount. still to come, the government is driving away from gm. what that means for buying auto stocks - that's later in traders unplugged. but first, why "sexy stocks" might be losing their allure with investors. that's next. when it comes to stock picking, you might want to consider this: sex does not always sell. margaret bogenreef of marketwatch.com joins us on set this morning. good morning to you. > > good morning to you. > so there are some retailers that do tend to rely heavily on sex appeal. let's take a look at a couple of names, including abercrombie and fitch. is this a stock worth owning, or what do you think? > > no, absolutely not. abercrombie's issues are a couple-fold. first of all, when they came out in the mid-90's with their sex appeal and all of those nearly pornographic ads, it was a big deal. it got a lot of press, it really hit at a good time. you hit generation x and y looking to buy $30 t- shirts and sexy bags. that time is over. with the revolution of fast fashion, the h&ms and the zaras, getting those kind of headlines doesn
by december 22nd for christmas delivery. >> speaking of a bailout government decided to get out of gm and forget about rushing >> all right. nearly four years after bailing out general motors, the government deciding to get out of general motors. selling 200 million and remaining stake the next 15 months the and when we're finally out taxpayers expected to lose billions from the bailout. charles you saw that coming. >> if they get to 27, it might be over billions. there's another number we don't know, the number on next set of bailouts. and the myth of the successful bailout, the next time we bailout wall street and favored companies by whatever administration is in the white house, that number is it going to be huge. >> neil: ben. >> it was not to make money. the government is in the speculating or a hedge fund, the plan was to keep a viable auto industry and keep people employed and worked beautifully, and a defense contractor. it's a miracle that we made money on some of them. >> we really didn't make money on them. i know they have the announcements out, you know, citigroup paid
. >> and gm shares got a nice pop. is this the end of government motors. "the kudlow report" starts right now. >>> first up tonight is president obama and house speaker john boehner escalate their war of words, new signs the fiscal cliff talks are on the brink of collapse. chief washington correspondent john harwood joins us from washington with the details. i look away for two seconds, john, and everything's falling astart. >> it looked a couple of days ago as if the two sides were getting closer. when president obama had a news conference at the white house today, he came out to talk about gun control measures in the wake of the connecticut tragedy, but the questions were mostly focused on the fiscal cliff. the president said he couldn't understand why john boehner was detouring to plan b because the differences are narrow enough that they can still work it out. >> i've said i'm willing to make some cuts. what separates suss probably a few hundred billion dollars. the idea that we would put our economy at risk because you can't bridge that gap doesn't make a lot of sense. >> the smackdown f
of the gm bailout they put out a truck on the road that the hood latch doesn't work, that's being recalled. how many ways can they get us, taxes and products that-- >> and put out a lot of nice stuff where the hood doesn't go up. >> as long as you can find it. >> drive slowly, right? be very careful. or don't drive, leave it on the driveway, looks very nice (laughter) adam, wh do you think of that? >> well, i think that charles put his finger on it. it's a policy conversation not an investment conversation. yes, we're going to lose, 7, 12 billion dollars on gm. charlie, probably make like 46 billion on aig and the other big things. >> you cannot-- >> first off, you can't measure moral hazard. numbe one, you can't measure the lines that people have their money-- they don't want to roll the dice in the stock market and they're in fixed income accounts, they lose money. >> i agree with charles, it's a policy conversation and he and i disagree on it. we did the right thing not letting the industry go down in a crisis. i mean. >> do you know what you're saying here? >> listen, there's a notion
drove away with bigger gains, ford or gm. >> then pain at the pump. our next guest is warning a new ethanol fuel blend that not only costs more but adds to the cost of food could damage your car and void your warranty. really? you're going to want to hear this coming up. >>> and banks be aware. a third of americans would rather get a mortgage from walmart than a bank, even though walmart doesn't offer them, at least not yet. we'll hear from somebody saying offering home loans would be a boone for walmart stocks. [ male announcer ] this december, remember -- you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. offering some of our best values of the year. when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students ac
. >> congressman steve israel reacts to the gop's bizarre behavior. plus, today's big gm news means the death of a righty talking point. >> government motors. >> government motors. >> government motors, david cay johnston on a huge success story for government intervention. and the invisible man sitting next to clint eastwood wins time's person of the year. >> what do you mean shut up? >> tonight presidential historian douglas brinkley on barack obama, abraham lincoln, and spider-man. good to have you with us tonight, folks. thanks for watching. the president gave all americans a lot to work with today and a lot to think about in the coming weeks. president obama recognizes the mood of the country. there is a real sense of urgency to pass common sense safety laws in the wake of the newtown shooting massacre. the president knows this is going to be a heavy lift. >> that's why i've asked the vice president to lead an effort that includes members of my cabinet and outside organizations to come up with a set of concrete proposals no later than january, proposals that i then intend to push without
managers buys back 200 million shares from the filibusters. >> it means a nice pop in gms. perhaps the best they have seen in a long time. how long? we will show you the last time they traded at this level when "power lunch" returns. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories. tdd#: 1-800-345-2550 lower than spdr tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and even lower than vanguard. tdd#: 1-800-345-
.s. economy would be the big firm. the ge, the gm. the walmart all of that. you have the scruff, the small business. but it's the small and growing. it's the things that were small but can challenge the big. it's what happens when the big tree falls over. we have been to the rain forest. the amazing thing new trees grow out of the old. it's a metaphor. it's real. when we lose something big in the economy. it's vital we know how to recon fission your the resources and create something new. do we need control? we need feedback. we need the capability to repurpose. in this country, we need to build a robust platform for people to realize what they have inside of them. that's why people came to this country and that's why people here look for a better future that will be like the better future their ancestors left when they came. so, you know, i would say, yes, you know, we need control, we need controls all kinds of inner dependency and self-regulation and ways of understanding what is happening, what's not, where do we want to go and what gets us the end point. betterment of human lives. it'
delegation. they are the ones leaving it. gerri: big news, gm by 40% stake in the company. >> castillo is about $50 billion. the prices of stock have to get up to $69, it's down around 24 right now. i'm not going to hold my breath on that one. but i think that gm understood that it had to do something. because its own internal polling and focus groups suggest there was a stigma -- as public attached a stigma that they had taken this public money, which is very interesting to me. it may have helped rocco, when michigan and ohio, but it didn't help gm. >> gm is giving the stock at a bargain. the ipo is $10 more per share. the one that's just terrible. >> i think that the government should get out of this quickly as possible. obviously you want to do it in an orderly fashion. the were never going to happen again. who president of the government actually taking over, taking a controlling share, calling shots, who is going to be the ceo and stuff like that. the sooner we get past that, the better. gerri: it has to be a new day. dan and neck, thank you both for coming on today. great convers
-- kashasi? is that how you say that? >> i don't know that one. the most dangerous rating was assigned to gm and it was to stakeholders. we'll have harry on to talk about that. >>> we have to figure out how much taxes would have been paid if they didn't have the ability to never pay a tax, too. don't we have to add that on? >> and the same thing with aig. >> and citigroup. >> but the companies never went bankrupt. >> i happen. and they still got the -- >>. >> do you want to do that? >> i don't know. we don't have to. i was jus just thinking about it if we were worried about taxpayers. >> it probably counts up, particularly when you're looking at -- >> i don't want you to do extra. >> i'd like to know it. >> all right. >> let's get back to the winter storm pounding much of the united states. reynolds wolf joins us with the latest. is it draco, drack-o? >> whatever way you choose. it's draco. let's call it draco. this is piling up with a lot of snowfall in parts of the midwest. got rainfall in parts of the southeast. we have tornado warnings in effect for parts of arkansas. but the snow is rea
, the taxpayers. major companies like gm taking advantage of all kinds of incentives and tax breaks from local and state governments, but are the communities, meaning you, the big losers. the new york times financial reporter first reported this. nice to see you. unbelievable story. these companies are getting huge breaks. >> i added it up across the country as comprehensive as i could. it's still missing some things but i identified over $80 billion a year for spending. there's cash grants, tax credits, free buildings, free roads, worker training. it's really a big tab. > >> greta: now, the reason why communities do that is the expectation that you give a company a break so the company that comes in and builds a factory or keeps its factory there and presumably there will be jobs. >> that's right. they do it for jobs. you know why else they do it? they do it because everybody else is doing it. i've interviewed mayors and governors and economic development people all over the country. a lot of them told me we wish we didn't have to give away the taxpayer money. we wish we didn't have to do thi
trade secrets while working at gm. the two are accused of stealing secrets on gm's hybrid car technology -- to share with car makers in china. general motors contends the the information was worth at least $40 million dollars. prosecutors for the couple argued-- the insider info was not stolen and was useless for other car companies. a bill raising new jersey's minimum wage to $8.50 an hour is before the state's general assembly today for a procedural vote before it heads to governor chris christie's desk. the bill additionally stipulates that new jersey's minimum wage be adjusted automatically, up or down, tied to the consumer price index. the bill did not pass the state assembly last week with enough support to override an anticipated gubernatorial veto. here's a good reason why you might want to check what your references are saying about you.. a new career builder study notes, 62% of employers state that when they contacted an applicant's reference, that person had nothing positive to say about the candidate. three in ten employers say they have caught a fake reference
jobs may stall out at a gm plant in germany. the u.s. automaker is out with plans to stop making its zafiras at its opel division in 2016. gm, however, is considering other options for the factory to stymie job losses. the carmaker is attempting to put the brakes on its losses in europe. the plant shutdown becomes the first for germany since world war ii. italian bond yields headed higher following news that prime minister mario monti plans to resign. monti's reign will come to an end in february, following passage of the 2013 budget. the move raises political concerns over italy in the midst of the eurozone crisis. monti has been credited with keeping italy's debt crisis under control. the japanese economy has some gross domestic problems. japan's gdp has contracted two quarters in a row, signaling it has entered recession. a recent territorial dispute with the chinese government and struggles following last year's tsunami continue to hurt japan's export market. an election next week in japan could have a large effect on fiscal policy. reports say delta is close to landing a deal th
toyota is set to topple gm in car sales. why coming in second place might not be all that bad for the u.s. car company. in today's cover story, are budget talks in washington killing chrismas for retailers? plus, the winter trade. the sectors of the stock market that go up when temperatures drop. dairy dollars - how entrepreneurs can learn from the latest greek yogurt craze. what small businesses need to do now to prepare for 2013. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's tuesday, december 18th. i'm angela miles. in today's first look: soaring stocks. the dow rallied 100 points higher yesterday, with the other indices following suit along with gold and oil. oil was up on hopes of a budget deal out of washington. boeing's buying back $3.6 billion shares is getting trader buzz. the company is also pushing up its dividend by 10%. microsoft founder bill gates is upping his stake in in deere & company to 7% from 5.8%. deere closed last night at $86. in the fallout from the tragedy in newto
of time. gotta go. we'll be right back with more. straight ahead-- will the sudden acceleration of gm stock hit the brakes.... or keep driving higher? find out next-- in chart talk. here's a great gift. no more government motors is becoming a popular line now that the government is selling its stake in gm. good morning to matt cavanaugh of cmz trading. let's talk about general motors. > > good morning. this is really good news. we've covered this stock beforeand really the big fear with this company was always that you know that there's a seller out there and not only is there a seller but there's somebody who's got a lot of it and they have to sell it so that was always a big fear there. > > would you buy this stock at the current levels? after the ipo we briefly touched $40. we've never seen $40 again in recent history. would you buy the stock? > > i think if you're looking to play a rebounding u.s. economy and a rebounding u.s. car industry then yes you would buy it. it looks much better now than any other time in the past that we've talked about it. just knowing that the governmen
falling in creating the new and that gets back to the gm question. it gets back to the question and you need to have the capabilities of the society to repurchase out of the -- what is released when something dies. when something gold falls, but there hasn't been enough of that in a place like pakistan or in egypt. i didn't go into china is a totally different story but that goes to the point that you are talking about. skype philip auerswald, what you teach at george mason? >> well, i teach economics and social entrepreneurship so i teach on the policy. i teach just sort of regular entrepreneur should and i believe in this as a transfer of force in society. but as social entrepreneurship course is thinking about how to address public challenges in the entrepreneurial matter, particularly envision the new ventures and right to have ways to make the most of that. and so, there are a lot of folks in this book who you might say folks that are familiar might steer social one to the doors and i think of them as entrepreneurs but that is very focused and it's a great teaching and i love this
are smiling heading to the post season, 7 headhe coaches, five gms fired today. fortunately, mike shanahan, theh redskins, one of those 12 still smiling. the playoff hopes are still alive, as they are the nfc east champs, let's take you to lastt night and o how it went down frm fedex field in front of a freezing but frenzied fan base. they finished off the season sweep of the cowboys, first in 7 years, rgiii rushed for 63 yards, 9 in the third quarter for the skins first lead of the game to make it 14-7. alfred mother rix one of the ali time great redskins -- morris, one of the all time great redskins performance. becoming the single season rushing leader, 1613 yards on, the season. nearly 100 yards better than the old mark.m skins win 28-12, or 28-18. on to the playoff for the home game against the seahawks on sunday. >> first step is to win the division like we talked b secon step is take one game at a time. what you have to do is pay is attention to detail every day. and same things we've been doing for the last 7 weeks, we will continue to do, and hopefully do them at a higher level. >
will go to jeff flock for that. jeff. jeff: as we speak, gm executives, that is who you are looking at right now, they are talking about the new chevy silverado. if you look at the pictures of this, there was a huge explosion as a new chevy silverado pickup was unveiled to the public. it is the number one selling vehicle for gm. this is where this thing went off. they set off an explosion down here. they are hoping for and explosion of sales. we talked to the president, for gm and he said even if we go off of it gm can still make money. we can flex and make a lot of money at fiscal cliff levels. we do not think that we need to. jeff: what do you do immediately >> we take a look at different car lines. we look at where the strength is and could be. then we look at the pent up demand. jeff: this is the silverado. they already have some kind of inventory. mark reuss said they have increased incentives. they are selling pickups. if we do not go off the cliff, they are extremely well-positioned. connell: jeff, thank you, as always. we will go back to washington for the speaker of the hou
, and then we got auto sales throughout the morning, and while they were decent, gm, toyota, and chrysler missed november's estimates, but ford beat them. that's the data and push and pull among the markets, back to you. >> lauren, thanks so much. >> 12995 where it ends, nobody knows. take a gamble. talks in a standstill, timothy geithner blaming republicans saying they have to raise taxes in order to avoid going over the cliff. rich edson in washington with the latest, rich? >> they are stuck on this offer, which the white house says is less of an offer and the same position the administration staked out in its jobs bill and deficit proposal over the last couple years. half trillion in tax increases or trillion and a half in tax increases, $600 billion in spending cuts, more spending, and a permanent increase in the debt ceiling. on fox news sunday, boehner called that deal a joke. >> just flabbergasted. i looked, and said, you can't be serious? i just never seen anything like it. we got seven weeks between election day and the end of the year. three of those weeks have been wasted with the non
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the indescribable. could've had a v8. .. >>neil: the treasury is agreeing to sell 200 million shares g.m. to get out of the automotive business but taxpayers will lose tens of billions before it is said and done. and let's just say that got my guest revved up. >>guest: this is a great day for mechanic, we are selling off the ownership of a car company. i guess you could call it a privatization but we probably never should have bought it in the first place. >>neil: they brought an automaker back so the argument is money worth the price. >>guest: what we are lending is the losses from what we paid for the stock and what we are selling it for is $5 billion do $10 billion and we will own the financing company of g.m. which is probably another $5 billion in losses so these are significant losses. i make the case that the real cost of the bailouts and not just of the two auto companies but the insurance companies and the banks, we have instilled in the minds of owners of companies, of major corporations in america, and on wall street, that american corporations, big ones, are too-big-to-fail. that is a ve
in general motors within the next 15 months. as part of the agreement gm says it will buy back 200 million shares for 27.50 each or 5.5 billion total. that's nearly 8 percent premium on gm's tuesday closing price. it plans to unload the remaining 300 million shares on the open market within the next 12-15 months starting as soon as january and based on a prearranged prit ten trading plan. even if the government gets the same 27.50 for the remaining shares the taxpayers will shiti be more than 7 billion short of recouping the nearly $50 billion bailout we gave to gm during the crisis. it has recovered 27 billion of that. the government is relinquishing governance rights it received in exchange for the bailout. it happens days after they reloaded the common stock to american int nacional group and said it plans to make significant progress next year in winding down the tar banks programs. it recovered 381 billion or 90 percent of the 418 billion in funds handed out. gm said it expects to close this year's buy back by the end of the year and expects the move to add earnings in share by cuttin
would see teachers and librarians say gm people, books are wonderful. they take you to far off places. the ship is like a frigate. in that began to ask the young people what this means. it began to say things to me like if you warrant you could have a lot of fun and books. if you want to you can enjoy and learn something from books. i -- reading is something you have to have to exist in this world. my dad was a janitor. could not read or write and always prided himself on the fact that he could support his family. today he could not. not without reading. and al reading it affects all parts of our lives, including national security, this not spoken about very often. one of my sons is a chaplain -- was a chaplain in the air force. weapons the american said it could not use because people could not read the manual. it's just -- it's just coming more and more -- the gap is becoming more and more. the most american thing that we have, the most american thing that we have in this country is the ability for those glasses to wrap themselves, to make themselves whole and to prosper without rea
of those treaties to take the algae, gm a couple years ago nearly went bankrupt or did go bankrupt and they were bailed out by the federal government to the issue did have been bailed out or should it have been allowed to fall? >> i am just on the verge of flipping on that one. i am just on the verge. >> the same thing with chrysler. >> if you read my book i talk quite a lot about gm, and charles wilson is a guy that allegedly said what's good for gm is good for america. wealthy actually never said that. i thought it characterized the worst of the sort of corporatism and feeding of the elite, the incumbent industry. it doesn't say that. he was a courageous guy that cut the defense budget by 20% in the late 1950's and there's the defense budget cuts in the late 1950's within a number of reason we have the silicon valley. a lot of radio engineers have moved out there and was a beautiful part of the country suddenly they didn't have jobs. and those people were saying well, you know, we want to stay here. and they created p equipment all the rest. so we were in a very tenuous moment. w
baseball. the associated press reporting texas rangers gm says josh hamilton has agreed to a contract with the l.a. angels. there you go. tracy: i'm shocked we are even talking about baseball in the middle of winter. ashley: hsbc moving on with the largest fine ever paid by a bank. $1.9 billion for the justice department to settle a money-laundering case. could hsbc really commit a crime or was this perhaps a money grab by the government? judge andrew napolitano here with a unique take on this. you say it is all about the money. >> the true answer is we will not know because the case will not be tried. hsbc crossed off $1.5 billion. does it go to any victims of this crime? there are no victims of the crime. does it pay restitution? nobody was harmed, so no restitution to be paid. here is what the government said the bank did. here's what the bank admitted to doing. engaged in money laundering outside the united states. so how does the justice department prosecute criminal activity that occurs outside the united states? if someone engages -- ashley: was a facilitated by somebody in the
production up in the first quarter. they are bullish, increasing production by 11%, and gm holding off on sales forecasts because they are worried about the cliff. look at the numbers. as lori said, gm up 3%, ford up 6%, chrysler up, 30th consecutive month of increases for chrysler, toyota up 17%. gm did well with small cars, we're getting to the point in the country where cars are # getting so old, 11 years is the average age of a vehicle right now, and that is driving it as well. on the sandy front, as we look at the stock numbers, the folks at ford say we are 30,000 additional sales industry-wide because of sandy. toyota said they they 400,000 cars were damaged in sandy, a boost to gm and ford. look at the stock there. ford stock not harmed by news of another recall for them. that recall's interesting because they don't have a great fix for that, but, you know, didn't hurt the stock. sales, obviously, still pretty good, really bringing it to toyota on those electric and those hybrid sales. good for u.s. auto makers as well. there's the headlines. auto industry. >> jeff from chicago.
over 32% from last year. we'll get gm at 10:00. we're talking 4 1/2 to 5-year highs for all these guys. >> you have a combination of 11 year old age of autos, destruction of -- by the way, sandy was an auto destroyer. loss of life. horrible. terrible. it also took out many more cars than people realize. you have to pump overtime to be meet the demand. >> we're still adding up sandy and figuring that out. we're far from figuring that out. hundreds of thousands of automobiles. where are we? 15 plus at the end? >> it's possible. 15. it puts people to work in the country. they don't just add in mexico. mexico is booming. fabulous moment for mexico. they will add in this country too. >> there's talk that their share of the market in the northeast, the big three, is not as high as it is in the rest of the country. we live in part of the country where incomes are higher. you may see better numbers out of bmws and mercedes. >> i don't know the percentage that's brought into the new jersey, new york area, the ones that you always see when you go over a bridge and you look down and this is new y
to exit its total ownership of gm in the next 12 to 15 months in two methods. in the first method it will have gm purchase $200 million of shares at $27.50. in the second, the remaining 300 million shares will be sold in an orderly fashion over the next 12-15 months quote subject to market conditions, it will begin the disposition as soon as january 2013 through a pre-arranged written trading plan. that will exit treasury or the u.s. government from its position. remember, that came out through the t.a.r.p. program about five years ago at a controversial investment in the auto industry. the treasury saying that overall to date, repayments and income through t.a.r.p. has recovered over 90% of the $418 billion it dispersed through t.a.r.p. this will obviously help out quite a bit. 200 million shares will be purchased by gm at $27.50, the other 300 million sold through a pre-arranged written trading plan over the next 12-15 months. i guess that's a bit above market, that 2$27.50, if we're doing $27.23. i don't know. is that a live chart we're looking at, joe? >> it is. trading up on
. and they will sell 300 shares by a pre-arranged written trading agreement. don't know the price. plus, gm will buy 200 million shares from the treasury, that means is taxpayer loss is being locked in. how much? we're not sure. taxpayers, by the way, put in 49 1/2 billion into general motors. the bid-ask shows gm up today. now, the gun industry, that's feeling the impact of last week's shooting in connecticut. cheaper than dirt one of the biggest on-line retailer has stopped selling firearms and we asked why. a statement from the company. cheaper than dirt, temporarily suspended sales of firearms and continue to promote the safe and responsible firearms by law abiding citizens. during the suspension we'll review. and may get rid of a stake in gun manufacturers, 8 million dollars of stern ruger and 2 million smith & wesson. yesterday, smith & wesson had a drop. the group that made the bush master used in the shooting. the president of cerberus, his father lives in newtown, connecticut on friday, this coming friday, the n.r.a. says it will hold a news conference to provide, quote, meaningful contribu
and they struck hard, and the workers eventually won. on february 11th, 1937, gm signed its first contract with the uaw, the united auto workers. if you called this contract the beginning of the american middle class and michigan the birthplace of the american labor union, and walter reuther the father of all that, you probably wouldn't be much overstating your case. mr. reuther was born in west virginia. he learned tool and dye making in a union family. he moved to michigan and found a job in the automobile industry. he found his life's work in helping its workers. he said, quote, there is no greater calling than to serve your fellow men there is no greater contribution than to help the week there is no greater satisfaction than to do it well. a quarter century after that first contract with gm, walter reuther was standing up there with dr. king as president of the uaw. it's true that dr. king was a union activist himself. when dr. king was assassinated in memphis, he was in town supporting a sanitation workers strike. it is also true, however, that union activists were key supporters of
million shares. gm need a bailout once the financial crisis hit. officially becoming a standalone company. market and investors really like now let's take a look at crude oil. four straight days of gains, getting back near $90 per barrel, $0.03 away, the story a couple of things actually. optimism of a debt deal, also supplies, heating oil, unexpectedly fell last week so of course supplies go down. on the flipside natural gas moving down more than 2% rating yesterday's gains and then some. all right, so much for any kind of game we were seeing today, but what happens tomorrow, are we still tied into the headline news out of d.c.? >> speaker john boehner woke us up. i expected after the brief statement that he made the market would come in much more than it has. i am kind of impressed we haven't seen the market down quite significantly. it means we will look at a nice year-end rally. liz: all w he did was speak 45 seconds. we are coming off of two days of double-digit jumps in the dow jones industrial in the rearview mirror. but let me quickly ask you, volatility of about six or 7% dependi
to renovate and juvinate your parks. 83 years ago, uncle john mcclarin and if you go in the gm office you can see a picture of him. started the tradition of lighting this mile-long stretch of trees started and ending here in front of the lodge where he lived for a number of years. so this, this is san francisco official holiday tree right behind us, uncle john's tree. it is a cyrus that is more than 100 years old closer to 130 years old and tonight it sports over 550 christmas holiday lights. >> so i really want to give a big shout out to the rec and parks staff that has continued the tradition and i want to thank all of them and single out a few, bob pelosio who organized tonight's event. and i also want to single out loranie bamford whose team put this on and our entire recreation staff. and i want to thank our tree topers who get all the way to the top of this big tree to hang all of its lights. i want to thank our electricians who make sure that the lights go on and i want to thank all of the crews and there are so many people that have a hand in planning the for tonight and give a big sh
of the gm bailout. new worries about a new bail out. the head of the agency that over sees bankrupt pension warning congress he may need 30 billion to shore up the funs. that's why they should switch to 401 k's. >> whether politicians or unions and employers making promises they can't keep. you reap what you put in a 401 k . if you make a grand promise and you don't put the money in. everyone know its is false . so let's have honesty and when you are promised something you will know you git it >> a lot of people with 401 k's are doing well >> i remember as a young lawyer writing the pedestrian irfirst plan where we had high hopes that forminglet mumenty corporation pension plan you would have smart trustees running them and they would make money. they lost money and it doesn't matter if you have your own plan if you lose money. >> and looks like the taxpayers is forced to bail out the pension. >> look apt the detroit council woman told president obama. it is quid proquo. you should bail us out . take the politics out when it comes to public employees . municipality. it doesn't guarantee a h
with the gm intent on getting fired but will remain intact for 2013. he had an 8-8 campaign last year. the surprise of the day, lovey smith was fired in chicago. here is a graphic of all the dismissals. norv turner was fired in san diego. the buffaloes got rid of chan gailey. one more check of the forecast coming up right after this. >> most of the role -- will be celebrating the new year, but some couples around here will be getting ready to get married. starting tomorrow, gay marriage is legal in maryland. tonight we will introduce you to one of those couples that will make history here. lawmakers continue negotiations on that dreaded fiscal cliff. those stories and more on >> if your going out tonight, you will need a jacket. >> the temperature in midnight, only 33 degrees. there is a slight chance for a sprinkle or snow flurries, but no big deal. >> i wore my party dress. >> thanks for joining us. of a safe new year, everybody.
this afternoon camm a statement ffom ravens assistant gm eric decosta, whh sveral teams wann tt interviewwfor vacant gmm jobs..saii ddcosta, and i quote...i love being aapaattof the ravens and plan to stay here and helpthem in iitentions of leavinggthis quote nip it in the bud...say, - bud...the team that decosta hhlped construct opens the post-season this sunday, hosting the colts, and their tallnted rookke quarttrback andrew luck..luck three ffr almost 44 hundred yards and 23 touchdowns, and helppdlead the ago, into the playoffss..john watchingghim on film..and 3 they're impressed.. "he's a tremendous quarterback. he's got plusses and he's got things that are not so plus, so it's like any forward to playing gainst ng him. his stats are phenominal. he's set all kind of, he set ssme rookie passing records. yoo can tell he's veryysmart. he takes a numbee of play rookie, which he did at stanford as well. you know, stanford guy, 440." 3 today was not a good day o bb an nfl head coach... nooably, thh philadelphia t - eagles parted ways with andy reid after 14 seasons in philly....anothe
speaking with a few exceptions, all of the automakers reported better than expected results last month. gm being one of the exceptions, being just a little bit below expectations. what did we see last month? the sales pace is going to come in probably about 15.2 million, first time over 15 million since early '08. we talked about sandy helping sales. there was also the economy. ford talked about that during the conference call today. ford raised its q1 production by 11% to 750,000 vehicles. compare that to the story of general motors. this worries people from today's auto sales results. gm warning it may cut truck production due to inventory build-up. they're at 139-day supplies of pick-up trucks. some of that is because they built up earlier this year for transition into a new truck. they've been targeting 80 to 85 days truck production. 139 days concerns a number of people. one last thing we want to show you. this is a chart of shares of the adrs of volkswagen. why? volkswagen has passed 500,000 sales in the united states in one year for the first time since 1973. i don't know what you h
in a good performance today. gm shares are up tremendously right now. they took out their highest level in 19 month old little bit earlier today. this on news that gm is flying back 200 million shares from treasury. back to you. lori: exiting their interest in gm. thank you, lauren. melissa: president obama coming out and saying there is no reason to come over the fiscal cliff. how are we going to get a deal done before christmas? peter barnes is that the white house with more as the clock ticks down. peter: take the deal. take the deal the president said. the president claims he has met the republicans have weight in these negotiations. he wants to have something done by christmas. boehner has conceded on the issue of higher tax rates for wealthier americans. the house will vote tomorrow on increasing those rates only on people who make more than $1 million a year. something that the president would veto if it got to him. the president is puzzled as to why republicans just will not negotiate more on that. he suggested that maybe 700 or $800,000. the president also offered some politica
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